New changes ahead for Casino but name and brand to stay
BIG changes are in store for the region’s signature tourism property, Jupiters Townsville Hotel and Casino, but its name and brand will stay.
The property’s owner, Tabcorp Holdings Ltd, is planning to spin off its casinos business and has announced the new entity will be called Echo Entertainment Group Ltd.
Echo Entertainment Group will operate four Australian casinos including Jupiters Townsville, Star City in Sydney, Jupiters on the Gold Coast and Treasury in Brisbane.
Tabcorp’s wagering, gaming and keno businesses will continue as Tabcorp Holdings Ltd. Subject to regulatory approval, Tabcorp aims to issue a scheme booklet for the demerger in April/ May and seek the approval of shareholders for the demerger in June.
The demerger is proposed to be implemented by July 1. If the demerger proceeds, Jupiters will be managed under the new entity but retain its name and brand.
Jupiters Townsville managing director Sean Knights said while shareholder and regulatory approval was needed, there were exciting times ahead for the property and Echo Entertainment Group.
Tabcorp announced last year plans to invest $ 625 million in its Queensland casinos, including $ 40 million at Townsville to double the size of the casino’s ballroom, upgrade hotel suites and install new gaming facilities. The current CEO of Tabcorp’s casinos division, Larry Mullin, is planned to be chief executive and managing director of Echo Entertainment Group.
Mr Mullin said the creation of a new name and brand signals a transformation of the four casino properties into a total entertainment group.
He said the business promised a new level of leisure and entertainment .
‘‘ We are in the process of delivering a compelling new customer experience in each of our markets underpinned by our $ 960 million expansion of Star City in NSW and proposed $ 625 million expansion of our three Queensland casinos.’’
BRIGHT FUTURE: Echo Entertainment Group to operate Jupiters Townsville Hotel and Casino